If I plan to continue working, what should I do about Medicare?
I have decided to continue working when I turn 65. I am covered by an employer group health plan I would like to keep. I know I can put off Social Security but I am not sure what to do about Medicare. Do I have to enroll?
According to a Harris poll in late 2013, 58% of workers 60 and older say they will not retire at age 65. So, this is a question that will come up repeatedly. In some situations, a person will have no choice but to enroll in Medicare. However, in many cases, the individual may be able to keep the employer group plan.
It is still very important to pay attention to Medicare. Just because one can keep a plan doesn’t mean he or she must. Individuals turning 65 can drop the group plan and enroll in Medicare.
Here are some of the factors that affect a decision to continue with coverage and what Medicare actions to take.
- Whether or not the person wants to enroll in Medicare
- The size and structure of the company.
- Contributions to a Health Savings Account.
- The plan’s prescription drug coverage.
- Whether one is receiving Social Security benefits
So how do you decide what to do? The most important point: Take time to figure this all out during your Initial Enrollment Period. (Learn when your IEP begins with this free calculator.) Medicare mistakes can often be very expensive and last the rest of a person's lifetime. Get the expert help you need to get it right. (Find out how 65 Incorporated can help at www.65incorporated.com/personalized-medicare-enrollment-consultation/personalized-medicare-enrollment-consultation.)
Unsure what to do about your Medicare enrollment?
"Should I enroll in Medicare if I'm still working?" This answer to this important question varies greatly from person to person. Unfortunately, getting the right answer can be very time-consuming and frustrating. Insurance agents want to sell you Medicare policies, HR professionals don't know about Medicare rules, and the U.S. government's help lines are inconsistent as best. But, now there's a better way to get the answer you need.
With i65, you'll get definitive, individualized Medicare guidance – quickly, easily and affordably. Plus, since i65 is not affiliated with the sale of insurance products, the information you'll receive is always unbiased and in your best interest.Last updated: 03-26-2019